Buying a home in Winnipeg? Check this extensive, definitive guide for home and condo buyers in our market.
Gift Guide with 20 top-rated items for home buyers and new home owners. Available on Amazon (Canada), includes pictures, description, links. $30-$250
No matter what kind of market you are in, here are some basic but important top tips for first time buyers. Houses or condos, follow these tips to help you in your house buying process.
10 easy tips to save energy in your house or condo. Reduce your expenses with these energy saving times for house or condo owners.
Interview with Tyrone Walford on the latest trends in kitchen and bathroom and basement renovations. For the transcript, click this …
How to make sure your fireplace is a safe way to heat your home. Fireplace safety is important. See infographic with tips & reasons to check your fireplace.
Home Heating System: Is Yours Ready For Winter? Here are some valuable tips to help keep you comfortable, safe and save money at the same time.
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Smart Home Technologies have evolved quickly. Home security, comfort, entertainment, energy savings and more are now simple to access via modern tech…
Older homes, built prior to 1980, can potentially contain many products with asbestos in them. As asbestos is a health-hazard, home owners need to know. #Asbestos #HealthHazard #HealthWarning
When moving to a new home, here are some questions and points to consider. Making a move is a major step in your life, be sure to check some of these.
Time is Money! You’ve hired a moving company, and they charge by the hour. So the easier you can make …
Accumulated too much stuff? Need to declutter for the sale of your home, downsizing or moving away? Here is a 5-step infographic to help you declutter.. (Infographic)
Residential homes built before 1980 are quite likely to contain asbestos in many of their components. This article will help identify potential health risks
Buying an Investment Condo? 4 things to look for!
A friend of mine had called me some time ago, and asked me to give him a Market Evaluation on his investment property in #Winnipeg. Turns out he had purchased a small condo about a year before, and had done so ‘privately’, without the use of a real estate agent, a decision he now regretted for several reasons. As we were talking about his investment property , my mind went over the top features any investor should be looking for when purchasing a condominium.
Location, Location, Location
You’ve heard this before. The top three most important things in #realestate are….well, you know. Its no different when purchasing an investment #condo, or a condo for your own personal use. Will it be easy to resell, or does the location hamper your re-sale efforts? If you’re going to rent it out, is the condo located near public transportation routes? Is the neighbourhood safe? Many factors come into play.
— VIP Condo Brokers (@VIPcondobroker) December 22, 2016
Parking, especially in central locations such as downtown, is always at a premium. Even if you are lucky enough to rent out your investment property to someone who does not drive their own vehicle, reselling a condo without its own parking spot is more difficult.
With several apartment-to-condo conversions underway, it’s easy to forget that a balcony is still one of the most important features requested by buyers. Without a spot to sit outside, perhaps read a book in the fresh air or throw some beef on the ‘que, owners and renters will feel trapped inside their condo. Make sure your investment condo has a balcony or, if located on the main floor, it has a patio space.
Less important with single men, but in-suite laundry is almost ‘vital’ to female condo buyers and renters. Having a secure place to do your own laundry is, at the very least, a ‘nice to have’ feature. Sometimes, a condo which has no in-suite laundry is at least able to add this feature later on, so you may want to check into this possibility.
The above 4 features are perhaps the most important ones to consider. Depending on your price range, you may want to consider several more:
Bonus: Concrete Building
Usually a little more expensive, but well worth the price. Quieter, more solid and stable, an investment property with concrete floors and walls will also make for easier resale.
Bonus: Central Air
Central air conditioning and heating is another nice-to-have feature, making the condo more comfortable and easier to rent out.
Bonus: Secure Parking
Especially with our winter climate, having underground or indoor parking is an often-requested feature, albeit at a price premium
Back to my friend: His private purchase ended up being a very poor deal, as his investment condo had NONE of these features. Located in a rough part of town, no parking spot, no balcony, no in-suite laundry and on the 3rd floor with no elevator will make this a very tough sale, even in a hot market.
Moral of the story: If you’re going to invest some serious money into real estate, call a real estate agent BEFORE you plunk down the cash. I would much rather guide you in the right direction, than try to help correct a mistake already made.
If you’re thinking of buying an investment property, call me first.
Bo at 204-333-2202
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About the PublisherBo Kauffmann is a residential real estate agent with over 18 yrs experience in helping buyers and sellers achieve their goals. Inducted into the REMAX Hall of Fame in 2010 and receiving the REMAX Lifetime Achievement Award in 2019, Bo has sold over 500 houses and condos in the Greater Winnipeg market. He is an accredited buyer representative (A.B.R.) and a Luxury Home Marketing Specialist. Bo provides exceptional service to First-Time Home-Buyers, Seniors looking to downsize and Home Sellers of all ages. He can be reached easily By E-Mail or call/text him Call/Text Here
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